On Wednesday, veteran trader and chart analyst Peter Brandt shared on social media platform X what he sees as a potential similarity between Dogecoin’s (DOGE) recent price behaviour and Bitcoin’s (BTC) patterns back in 2015-2016.
According to Brandt, DOGE’s chart displays familiar technical patterns like a “blow-off top,” where a rapid price spike is quickly followed by a steep drop, along with a correction moving into a falling wedge, a double bottom, and a complex corrective phase. Brandt suggests that DOGE’s current stage could mirror where Bitcoin was in May 2016—possibly hinting at an upcoming trend reversal.
He said: DOGE is at life cycle where BTC was in May 2016. It was the chart in Spring 2016 that first turned me onto bitcoin and I bought my first coin.
Peter Brandt Expresses Enthusiasm on Dogecoin Chart Pattern
In a recent post, he shared his excitement over dogecoin’s price movement, calling it a prime example of classic charting techniques in action and noting how well DOGE has aligned with these principles.
Just last week, Brandt showed further optimism for dogecoin, predicting a major rally. He attributed this forecast to a strong technical signal and the influence of Elon Musk. Pointing to a “channel breakout” in DOGE’s chart, Brandt hinted that this pattern might signal new highs in the near future.
He also stressed Musk’s ongoing support as a significant boost to DOGE’s potential, summing it up with, “In Musk we Trust.”
DOGE Jumps Toward Three-Year High After Trump Announcement
Dogecoin jumped on Tuesday night, riding a wave of excitement after President-elect Donald Trump unveiled plans to establish a new Department of Government Efficiency. In his announcement, Trump referred to it as “DOGE,” sparking a rally in the popular cryptocurrency.
Trump’s statement revealed that Tesla CEO Elon Musk and Vivek Ramaswamy, former GOP presidential candidate and co-founder of Strive Asset Management, will lead the department. According to Trump, their mission is to “dismantle Government Bureaucracy, cut down on excessive regulations, slash wasteful spending, and streamline Federal Agencies.”
Following the news, Dogecoin surged nearly 20% before pulling back slightly. It has been a standout in the postelection rally, soaring 153% since Election Day, while Bitcoin saw a more modest 30% rise. The latest rally also pushed Dogecoin past XRP, making it the sixth-largest cryptocurrency by market cap.
How Memecoins Indicate Retail Investors Activity
Memecoins often reflect how much risk retail investors are willing to take on in the crypto market. When interest in these coins rises, it typically signals that everyday investors are ready to make bolder bets.
Back in September, Trump suggested creating a commission focused on efficiency. Since then, Musk—who once called himself the “Dogefather” and is known for his market-moving comments on memecoins—has taken to his platform, X, to rename this proposed group the “Department of Government Efficiency” or “D.O.G.E.”
Dogecoin gained traction in 2021 largely due to Musk’s steady promotion on social media. His support drove the coin to new heights, with his May posts helping Dogecoin soar to a record 67 cents, according to Coin Metrics. But his “Saturday Night Live” appearance, where he called it “a hustle,” caused its price to tumble soon after.
Currently, the broader crypto market has slowed from its postelection surge. Bitcoin is steady at around $87,000, after briefly touching $90,000 in late-afternoon trades. Meanwhile, crypto stocks like Coinbase and MicroStrategy are down slightly, slipping by 1% and 2% in after-hours trading.
In short, veteran trader Peter Brandt sees Dogecoin’s current price movements mirroring Bitcoin’s patterns from 2015-2016—a classic case for chart watchers. He notes technical signs like a “blow-off top” and a complex correction, suggesting a potential alignment.
Dogecoin’s latest spike, fueled by President-elect Trump’s mention of a “Department of Government Efficiency” (DOGE), shows how meme coins like Dogecoin capture the thrill-seeking spirit of retail investors. With growing excitement, Dogecoin continues to reflect speculative interest, signalling shifts in the broader crypto landscape.
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